IBM's Stock Soars Due to Quantum Computing Progress
Shares of International Business Machines Co. are having their best day since January, driven by optimism around the company's quantum-computing efforts.
IBM is known for its various technologies, but its quantum efforts have been gaining attention. The company announced a plan in June to build the world's first large-scale, fault-tolerant quantum computer by 2029, paving the way for practical and scalable quantum computing.
A soon-to-be-published IBM paper discusses progress made in quantum error correction using an AMD chip. According to a report by Reuters, the algorithm developed by IBM to enable error correction can run on chips made by Advanced Micro Devices Inc. (AMD).
IBM aims to build "the world's first large-scale, fault-tolerant quantum computer" by 2029.
This development has contributed to the surge in IBM's stock, making it the company's best day since January.
Author's summary: IBM's stock rises due to quantum progress.